Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

October 12, 2021

This Indicator Suggests A Shift In The Gold Market

Frank Cabibi

10/12/2021

Last week, this precious metal hit as high as $1780 and ranged to the lows around the $1750s. But overall, the price has been relatively stagnant from a week ago, but last week's COT report showed us that big money could be starting to buy again.

Our outlook

With an increase in the amount of long contracts getting bought up shows that institutions could be gearing for a move in gold's price to the upside as inflationary fears return to the US. The Fed is likely not going to raise rates despite these concerns which is nothing but good news for gold. We're also seeing a decrease in the number of short positions, so shorts and longs aren't going up at the same time in the latest COT data. I think this week could have the potential to push price up to the $1780s again.

Trade Setups

XAUUSD

On the 1D chart, price is coming up to test a significant resistance level at $1780 where the pair has tested twice before. The 50 DMA is also in the way, but a strong up day could send price above. Support lies in the $1740-50s giving this consolidation range about a 40 point spread between heavy support and resistance.

Looking for Trade alerts?

Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Use Code "READER" for $5 OFF!
JOIN NOW

free trading help

Looking for trading help? Submit your question here!
GET FREE TRADING HELP
Need a Forex Broker Upgrade?
Take our broker quiz and find out your best broker match!
FIND A BROKER
Bitcoin About To Catch Big Upside

Bitcoin has been vastly oversold due to the fact of regulation concerns from the US government wanting to make a more controlled market just like stocks. For over 2 months, the crypto has fallen nearly 42% from the highs in November, but it looks like it has found a bottom in the $39Ks. Why Bitcoin […]

Read More
CPI Climbs 7%, USD Could Be Bearish Now

CPI numbers came in yesterday indicating a 7% climb in inflation from last month. This is some bad news for the Fed, USD, and stock market which could lead to a short term bearish trend until the Fed raises rates. This report should be bullish for the USD in the longer term since investors can […]

Read More
How to Tell When a Forex Trend is Ending: 3 Clues!

Trend trading is perhaps one of the most commonly used strategies in the forex world. In this article we will be sharing tips on how to determine the end of one forex trend and the potential start of a new one. We will share 3 specific clues that you should be looking for when trend […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram